Analysts pointed out a number of sales opportunities and potential for margin expansion.

Sales opportunities include international growth, the re-position of Steven and Report brands, and opportunities at Macy's.

Analysts said margin should improve as a result of direct sourcing.

"As of 3Q12, 15% of all shoes made by SHOO are directly sourced, which has added between 40-50bps to GM, and will likely add an additional 150bps as directly sourced goods expand to 50%," noted analyst Sam Poser.

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